News - Midlands
Coltham goes shopping
Franck-Steier Price has completed the acquisition of a Sainsbury's retail investment on behalf of a private investor from Birmingham developer Coltham. Sainsbury's has a ground floor retail unit of 4,500 sq ft and committed to a 15-year lease from October 2008. The rent is £65,000. The property was purchased for £1.1m, which represents a net initial yield of 5.5 per cent.